1

Fourth Quarter 2012 Earnings Release January 24, 2013 Jack Koraleski, CEO

2

2010 2011 2012

$1.56

$1.99 $2.19

Tie All-Time Quarterly Record

Union Pacific Achieves 2012 Milestones

+10%

Earnings Per Share Fourth Quarter Positives

• Record Fourth Quarter and Full Year Financial Results

• Employee Safety • Customer Satisfaction • Franchise Diversity

Challenges • Coal & Grain Volumes

3

Fourth Quarter 2012 Marketing & Sales Review January 24, 2013 Eric Butler, Executive VP – Marketing & Sales

4

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

87 89

90 90 91

92 91

92 93 93

94 93

164 169

178 175

172 174

180 180

172 175

181 176

Customer Satisfaction

GOOD

2011 2010

Customer Satisfaction 7 Day Carloadings

93 = Full Year Record

4th Qtr Record

2012

5

Chemicals

Automotive

Coal

Fourth Quarter Recap

Volume ARC Freight Revenue

Freight Revenue Performance (Year-Over-Year Change)

Volume Growth

-2.5%

+4.5%

+2%

Revenue Mix

Agricultural 16% Autos

9% Chemicals

17%

Coal 20%

Industrial 17%

Intermodal 21%

Agricultural

TOTAL

Flat

+9%

-9%

-17%

+2%

-2.5%

+14%

Industrial Products

Intermodal

6

Coal Revenue $990M (-7%) Volume 463K (-17%) ARC $2,141 (+12%)

Quarterly Drivers • High Coal Stockpiles • Global Demand for Western Coal

Southern Powder River Basin

74%

Other 13% 50.3

40.6

Southern Powder River Basin*

2011 2012

*Tons in millions

7.45 7.9

Colorado/Utah*

2011 2012

-19%

27,000

31,000

35,000

39,000

43,000

47,000

Volume Impact (Weekly Carloadings)

1Q 4Q

2011

2012

2Q 3Q

+6%

2013

7

Agricultural Products Revenue $785M (-8%) Volume 215K (-9%) ARC $3,647 (Flat)

Quarterly Drivers • Limited corn supply in UP

territory • Reduced gas consumption

impacts ethanol • Growth in Food & Refrigerated

Grain Products

36%

Grain 37%

Food/ Refrigerated

27%

Volume Mix

*Volume in thousands of carloads and excludes equipment shipments

81.3 76.1

Grain Products*

2011 2012

-6%

85.1

66.2

Grain*

2011 2012

54.3 58.7

Food & Refrigerated* +8%

2011 2012

-22%

8

Automotive Revenue $466M (+14%) Volume 187K (+9%) ARC $2,487 (+5%)

Finished Vehicles

59%

Volume Mix 103.4

111.0

Finished Vehicles*

2011 2012

+7%

68.0 76.5

Auto Parts*

2011 2012

+13%

*Volume in thousands of carloads

Quarterly Drivers • Pent-up Demand to Replace

Aging Vehicles • Improved Consumer Credit • Year-end Incentives

Auto Parts 41%

9

Chemicals Revenue $834M (+15%) Volume 265K (+14%) ARC $3,146 (Flat)

Quarterly Drivers • Continued Crude Oil Growth • Strength in Industrial

Chemicals and Plastics • Export Soda Ash Demand

Plastics 23% Industrial

Chemicals 22%

Petroleum & LP Gas

29%

Volume Mix

Fertilizer 10%

Soda Ash 10%

Other 6%

48.3 52.0

Industrial Chemicals*

2011 2012

37.2

62.7

Petroleum Products*

2011 2012

+69%

56.6 60.3

Plastics* +7%

2011 2012

+8%

*Volume in thousands of carloads and excludes equipment shipments

10

Industrial Products Revenue $835M (+3%) Volume 280K (Flat) ARC $2,978 (+3%)

Quarterly Drivers • Increased Construction Activity • Housing Start Growth • Hazardous Waste, Steel & Scrap,

and Export Ore Decline

Paper 10%

Gov’t/Waste 10%

Metals 18%

Volume Mix

Minerals/ Consumer

22%

Construction 30%

Lumber 10%

*Volume in thousands of carloads

22.9 26.8

Lumber*

2011 2012

+17%

55.8 63.8

Rock*

2011 2012

+14%

13.1

6.8

Hazardous Waste* -48%

2011 2012

11

Intermodal Revenue $1,021M (+6%) Volume 831K (+2%) ARC $1,229 (+5%)

Quarterly Drivers • Weak International Peak

Season • Highway Conversions Drive

Domestic Growth

International 53%

Domestic 47%

Volume Mix 436.7 436.1

International*

2011 2012

Flat

380.6

394.2

Domestic*

2011 2012

+4%

*Volume in thousands of units

12

2013 Volume Outlook Coal – High Stockpiles & Contract Loss + Export Demand Agricultural Products – Diminished 2012 crops + Food & Refrigerated Automotive + Auto Sales Growth Chemicals + Crude Oil + Most Other Markets Remain Solid Industrial Products + Housing & Construction, Metals,

Minerals – Reduced Government Spending Intermodal + Domestic Growth Continues, Stronger

International Peak

13

Fourth Quarter 2012 Operations Review January 24, 2013 Lance Fritz, Executive VP – Operations

14

2010 2011 2012

2.98 3.28 3.21

Operating Foundation, Safety Focus Full Year

Rail Equipment (Reportable Rail Equipment

Incidents Per Million Train Miles)

Public (Crossing Accidents Per

Million Train Miles)

2010 2011 2012

2.32 2.11

2.38 Good Good

2010 2011 2012

1.37

1.15

1.01

Employee (Reportable Personal Injury Incidents

Per 200,000 Employee-Hours)

Good +13%

All-Time Record

All-Time Record

-12%

-2%

All-Time Record

15

2008 2009 2010 2011 2012

89 90 90 88 89

87 88

94 94 95

Network Performance Fourth Quarter

• Agility and Resiliency Demonstrated with Resources and Service Plan

• Mix Shift and Volume Growth in Southern Region

• Service Performance Accelerates

• Positioned for Growth

Service Delivery* and IS&P Industry Spot & Pull %

Good

* Includes early deliveries

2008 2009 2010 2011 2012

25.1 27.0 26.5 25.6

26.7

Velocity (as Reported to the AAR)

+4%

** Fourth Quarter Record

Tie 4th Qtr Record

**

Good

4th Qtr Record

Tie 4th Qtr Record

16

151 165 166 171 174

151165 166 171 174

2008 2009 2010 2011 2012

82 83 88 88 88

2008 2009 2010 2011 2012

1,723

1,008 660 590

409

Network Productivity Fourth Quarter

Slow Order Miles Good

All Time Record

-31%

Intermodal Boxes

Manifest Cars

*

4th Qtr Record

Train Size (Average Units per Train)

* 4th Quarter Record

2008 2009 2010 2011 2012

8.95

8.40 8.47 8.85

8.42

Car Utilization (Days)

Good

-5%

All-Time Quarterly Record

Good • Hardening infrastructure and

reducing service failures

• Improving asset utilization

• Generating capacity with efficiency

17

3%

5%

-2% Flat

Agility and Resource Readiness Volume Growth

4Q12 vs. 4Q11 FY2012 vs. FY2011 South Total South Total

• Volumes in South at Pre-Recession Levels

• Resource Realignment & Network Routing

• Improving Network Fluidity & Performance

Flat

-2%

-3%

9% South

North

West

TE&Y Active Workforce (FY2012 vs. FY2011)

Total

Active Locomotive Fleet (FY2012 vs. FY2011)

-1%

-1%

-8%

9% South

North

West

Total

18

Capital Investment Supports Service & Growth 2013

• Safe and Resilient Infrastructure

• Continued Capacity Spending – Santa Teresa Facility – Southern Region

Projects

• 100 New Locomotives

• Increased PTC Spending

~$3.6 Billion Capital Plan (In Millions)

Infrastructure Replacement

$1,675

Locomotives/ Equipment

$610

Capacity/ Commercial

Facilities $670

Technology/ Other $195

PTC $450

19

2013 Operating Outlook Safety, Service and Value

2012 • Improved Network

Performance / Agility & Resiliency

2013 • Carry Momentum

Forward • Drive Safety & Service

& Productivity • Remain Agile /

Resource Readiness

Engage

Empower

SupportStandardize

Celebrate & Repeat

20

Fourth Quarter 2012 Financial Review January 24, 2013

Rob Knight, CFO

21

Fourth Quarter Income Statement In Millions (except EPS)

Operating Revenues $5,250 $5,108 3 Operating Expenses 3,525 3,491 1 Operating Income 1,725 1,617 7 Other Income 43 54 (20) Interest Expense (128) (141) (9) Income Taxes (604) (566) 7 Net Income $1,036 $964 7 Weighted Average Diluted Shares 472.0 484.7 (3)

Diluted EPS $2.19 $1.99 10

2012 2011 %

22

Freight Revenue Fourth Quarter (In Millions)

2011

Volume & Mix

Core Price

Fuel Surcharge

(Price & Lag Impact)

2012

-3% +4% $4,931

$4,829

+2%

+1% +0.5%

Fuel Surcharge (Improved Coverage)

23

Compensation & Benefits Expense Fourth Quarter 2012 $1,135M, -2%

$1,155 $1,135

2011

Compensation & Benefits (in Millions)

2012

44,922 46,067

2011

Workforce Levels (Quarterly Average)

2012

+2.5%

• Lower GTMs • Solid Operations • Lower Payroll Taxes • Higher Training Costs • Moderate Inflation Costs

• Increased Workforce mostly Driven by Higher TE&Y Training & Capital (incl PTC)

-2%

24

Fuel Expense Fourth Quarter 2012 $920M, -2%

• GTMs Decreased 5%

• Higher Diesel Fuel Prices Increased Expenses by $26 Million

• Consumption Rate Increased 1% driven by Lower Coal Volumes

252,686 238,898

2011

Gross-Ton-Miles (in Millions)

2012

-5%

$3.16 $3.25

Average Fuel Price (Per Gallon Consumed)

2011 2012

+3%

25

$508 $533

Fourth Quarter 2012 Expense Review In Millions

2011

Purchased Services & Materials

2012

• Higher Subsidiary Contract Expenses

• Increased Joint Facility Expense & Locomotive Repair Costs

+5%

$413 $453 • Higher Depreciable Asset

Base from Growing Capital Programs

2011

Depreciation

2012

+10%

26

Fourth Quarter 2012 Expense Review (cont) In Millions

• Higher Short-Term Freight Car Rental Expense

• Lower Locomotive Lease Expenses

$289 $302

2011

Equipment & Other Rents

2012

+4%

• Lower Equipment, Property & Freight Damage Expenses

• Lower Volume-Related Costs & Cost Control Measures

• Higher Personal Injury & Property Tax Expenses

$191 $182

2011

Other

2012

-5%

27

Operating Ratio Performance

2008 2009 2010 2011 2012

73.4 73.4

70.2 68.3

67.1

Fourth Quarter (Percent)

2008 2009 2010 2011 2012

77.4 76.1

70.6 70.7

67.8

Full Year (Percent)

4th Qtr Record

All-Time Full Year Record

-1.2 pts

-2.9 pts

28

Full Year Income Statement In Millions (except EPS)

Operating Revenues $20,926 $19,557 7 Operating Expenses 14,181 13,833 3 Operating Income 6,745 5,724 18 Other Income 108 112 (4) Interest Expense (535) (572) (6) Income Taxes (2,375) (1,972) 20 Net Income $3,943 $3,292 20 Weighted Average Diluted Shares 476.5 489.8 (3)

Diluted EPS $8.27 $6.72 23

2012 2011 %

29

Cash from Ops

Investing Dividends

$5,873

($3,119)

($837)

$6,161

($3,633)

($1,146)

Strong Financial Position Twelve Month Period Ending December 31 ($ In Millions)

• Solid Free Cash Flow Larger Capital Spend 37% Cash Dividend Increase

• Strong Cash from Ops Higher Cash Tax Payments from Prior Bonus Depreciation Programs

• Strong Balance Sheet Investment Grade Credit Rating

Free Cash Flow*

Total Debt* (Adjusted)

40.7% 39.1%

* See Union Pacific website under Investors for a reconciliation to GAAP. Adjusted Debt to Capital

12/31/2011 12/31/2012

$12,753 $12,772

2012 2011 2012 2011 2012 2011

30

New Locomotive Purchases/Leases

Investments and Returns

2008 2009 2010 2011 2012 2013

$3.1

$2.5 $2.5

$3.2

$3.7 ~$3.6

Total Capital Spending* (In Billions)

Base Capital

2008 2009 2010 2011 2012

10.2

8.2

10.8

12.4

14.0

Return on Invested Capital** (Percent)

Positive Train Control

* Includes cash capital, leases and other non-cash capital. ** See Union Pacific website under Investors for a reconciliation to GAAP.

Best- Ever

Record $3.15(excl PTC)

31

Delivering Value to Shareholders

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

$0.38

$0.475 $0.475

$0.60 $0.60 $0.60 $0.60 $0.69

Declared Dividend Per Share

2011 2012

• Performance Drives Dividend Increases – Declared Dividend Increase of

15% in 2012 – Full Year 2012 Declared

Dividends grew 29% vs. 2011 – Achieved Payout Ratio of 30%

• Opportunistic Share Repurchases – 4Q 2012 = $248 Million @ Avg

Price of $121.81 – Full Year 2012 = $1.5 Billion – 15 Million Shares Remaining in

Current Authorization

+15%

Dividends & Share Repurchases ($ In Billions)

FY 2011 FY 2012

$2.26 $2.62

Dividends Share Buybacks

+16%

+58%

32

A Look Ahead to 2013

Full Year • Cautious Outlook –

Potential for Slightly Positive Volume Growth

• Solid Core Pricing Gains • Leverage Diverse

Franchise • Record Operating Ratio

& Earnings assuming Economic Growth

• Increasing Shareholder Returns

33

Fourth Quarter 2012 Earnings Release January 24, 2013 Jack Koraleski, CEO

34

Union Pacific’s Prospects Going Forward

• 2013 Challenges in Coal & Grain Markets

• Impact of Domestic Fiscal Policies

• Maintain Successful Strategy – Remain Agile – Leverage Diverse

Franchise – Create Customer Value

• Generate Strong Shareholder Returns

35

Cautionary Information This press release and related materials contain statements about the Corporation’s future that are not

statements of historical fact, including specifically the statements regarding the Corporation’s expectations with respect to general economic conditions and financial returns; its business strategy for the upcoming year; and legislative activity. These statements are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information or statements regarding: projections, predictions, expectations, estimates or forecasts as to the Corporation’s and its subsidiaries’ business, financial, and operational results, and future economic performance; and management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Corporation’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Corporation’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Corporation’s Annual Report on Form 10-K for 2011, which was filed with the SEC on February 3, 2012. The Corporation updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Corporation assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If the Corporation does update one or more forward-looking statements, no inference should be drawn that the Corporation will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

36

Fourth Quarter 2012 Earnings Release January 24, 2013 Question & Answer Session